How to Create an Online Business for Something You’re Passionate About

For a couple of years, I had a lot of self-doubt and my whole life was held back by some fears I had. Basically, I had a terrible opinion about myself and I didn’t think I could accomplish anything in life. This way of thinking stopped me from chasing my ambitions for many years, until one day, I said – enough is enough – and started working on my passion. During the very beginning, I only wanted to try doing things I was interested in. I wasn’t planning on building a business of my own, however, as time passed, things changed and I started thinking about the possibility of starting my own online business. The prospect of having an internet based business revolving around the things I loved and working from home was very exciting for me. During those times, I already did some work for a few websites and earned money through them. While I enjoyed doing this, I still had the ambition to go further and do better. The modern age opens up many possibilities, as there is a huge amount of knowledge you can use when starting up a business. Furthermore, there is a huge market for many different products or services and this opens various possibilities for monetizing various passion projects. So, the question is, do you have what it takes to make it?

What’s an online based business?

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Just because a business is online doesn’t mean that it works any different than other types of businesses. You will still have to offer something to your potential customers, services, products, workshops or courses. The important thing to accomplish is to find balance between what you are passionate about and the things you are good at, while at the same time incorporating these two with what people want. Just doing what you love will not suffice. It’s a good start. However, if you want to create a business that can achieve success, you will have to offer things which are in demand – love or no love, that’s how it is. There are a couple business models for this types of services. My focus is on a business model called information business. Here, you sell your expertise and knowledge in many different areas.  This may seem scary, however you don’t have to be an expert in order to teach someone – the only thing you have to do is to know more.  

Why should you create an online business?

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The primary reason why I decided to start an internet based business was because I felt like it was my duty to do so. I advise people not to start a business for which they are not passionate about. Even when you love the thing you do, it can be very hard and challenging to manage a solid and profitable business. However, if you put a lot of work into it and strive to do things properly, you will be rewarded greatly. You can go and live whenever you want, as your job travels with you; control your time and work, rather than the other way around; and live a fulfilling and free life. And, if you incorporate business with something that you love, you will enjoy life even more. Running your online business means that you can work when you see fit, and you won’t have to get up early and go to work every day. Still, being lazy will get you nowhere and the first 2 years or so will be very exhausting, like when starting up any other business.

The drawbacks

It takes a lot time, dedication and hard work to run a stable online business. This is why I suggest having a full time regular job alongside this. First of all, you don’t know how long it will take for your business to become profitable and this is why you need your regular job income. Furthermore, you can use that money to boost your business and invest in things that may help you improve your service or market your products. Work hard on your venture when you have some time off from your regular job and, when things start to look good, you can consider leaving that position. Apart from this, your regular job will keep you in shape, as you can learn valuable lessons from your boss. Having two jobs can be exhausting and you will have to prepare yourself mentally for the challenges that lay ahead. Starting your own ecommerce store means that you will be the only boss, and therefore the only person responsible for your success or failure. You must depend on yourself and find ways to fix things. If you are unable to do so, then consider asking for help. Still, you must have a mature mindset that focuses on fixing problems on your own – if you rely on other people too much, you will become obsolete and incompetent to perform your everyday tasks. Constantly improving yourself is the key and you must learn to overcome your fears and take drastic measures. In my opinion, this is not so much of a drawback and I see this as a positive thing, however some people may think otherwise. Since I started to do my work online, I had grown so much and learned new things due to the dynamic of the business. You will have to push yourself forward all the time. Sometimes, this can be annoying, but I love doing what I do.

Skills you will have to work on in order to succeed  

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Even though I think that anyone can start an online business and make money, I don’t think that it’s good for everyone. If you don’t really feel like this is something you should do then don’t do it. If something or someone is pressuring you to do this don’t go through with it. Nothing good can come out of it and you might get bored with the whole thing when it’s too late. There are many other things you can do and getting into something for which you are unsure will not lead to a positive outcome. There are a couple of useful skills you must have.

Here are a couple you should definitively consider:

  • Creating content: One of the most useful tools for attracting an engaging customers is through good content. This is why you must learn to create quality content. Doing this could mean recording podcasts, writing or creating videos. Through these three, you will attract readers and build a brand people can trust.
  • An entrepreneur’s mindset: it is very important to train your mind to be a machine of determination. Once you achieve this, not only that you will be successful in business, but you will also improve the quality of your life. You will encounter many obstacles along the way, and things will get hard, but if you get through them and keep going, then no obstacle will ever be unsurpassable for you.
  • The ability to focus on things that matter: this is probably one of the most important attributes an entrepreneur must have. By having an ability to focus on essential issues, you will know how to get the results you want. It’s business, and furthermore, it’s yours and there is no time to play around. You must create quality and sell it to other people – period. Learn how to make customers happy, bring revenue while enjoying life and enhance those to perfection.
  • Delegation: as a business owner, you will do a lot, however you can’t do everything. A good leader knows when to drop something he or she isn’t good at and delegate that task to someone more proficient. Focus on your strengths rather than your weaknesses, while improving your weak side through the work of others.

How will the business make money

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An online business is basically a platform. Through this platform, the possibilities for earning money arise. With a bit of patience and effort put into building a well-designed platform, you can make a lot of cash. Many people find it hard to believe that you can make actual money online, so in order to show you how this is not true, I will present a couple of ways to make money using the information business model.

  • Affiliate marketing: an affiliate business is a site that sales other people’s products. Your income comes from a commission that can go from 5 % to 100 %, depending on what kind of deal you have. This is an easy and quick way to start earning through your online business, and this can help you complement services or products.
  • Providing services: consulting, group coaching and individual coaching packages are very popular in certain markets. All of these things depend on what type of service you wish to provide and what clients or customers you want to attract. When you offer services, you are basically trading your time for money, and over time, your price range can improve as you will learn a lot through your customers.
  • Ecommerce store: if you want to have an online store, then you will have to create products which are in demand. Furthermore, it is important to advertise your products and invest some money into a marketing campaign, so that your site can attract potential buyers. Once you create your products, you won’t have to waste resources on maintenance. Furthermore, the margins for profit are great, since there is no shipping, storage, etc.

The key is to have a well-built platform that has all the resources necessary. Once you have this, many opportunities for making money will come up. You can partner with other sites, hold workshops, etc. This is the beauty of an online business, as you can choose different ways to earn if you start things properly, however it doesn’t happen overnight.

Things you should look to avoid

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Since I’ve gone through this whole process on my own, I know where people usually make mistakes. Sometimes, mistakes are unavoidable and they are necessary for a person to learn. The important things is to remain calm and keep on going in spite of it. For me, it took a long time before things started falling into place. Let go of the overnight success idea and build your business step by step. Pay attention on these things:

  • Rushing: there is no need to rush. I get it – you want to start making money as quickly as possible. But, rushing will only slow things down. It may sound strange, but it’s a fact. Relax, perform your tasks on a regular basis and wait.
  • Overwhelming yourself: you should definitively avoid starting more than one website or business at the same time. It may seem that you can accomplish this, but it’s highly unlikely. The amount of work you will have to put in grows gradually over time, and you will just burn out and be less efficient. Pick one idea on which you should focus and stop trying to do more than you actually can.
  • Setting high expectations: when it comes to expectations, tread lightly. If things don’t go as well as you hope, you might feel disappointed and loose the necessary motivation to move forward.

It takes a lot of time to think about your business and all of the things involved to starting one. Learn from successful examples and find a way of your own. Once you think you are ready go through with it. Sure, the situation is never going to be perfect, but you will have to make that first step and face your fears if you want to make it on your own. I hope this helps you in your future endeavors.

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  • Wilson Lau is an Entrepreneur, Internet Marketer and have built six figures business at the age of 23. His sincere hope for Riche Minds is for others to reconnect with their inner self, understand the power of the subconscious mind, and to enable them to discard their limiting beliefs and take action toward their dreams

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